The OS and PDS renormalization schemes for the effective field theory with
nucleons and pions are investigated. We explain in detail how the
renormalization is implemented using local counterterms. Fits to the NN
scattering data are performed in the 1S0 and 3S1 channels for different values
of mu_R. An error analysis indicates that the range of the theory with
perturbative pions is consistent with 500 MeV.Comment: 40 pages, typos corrected, journal version. Discussion of the range
in section VII clarified, conclusions unchange